Frequently asked questions

A mortgage broker compares loans from a panel of lenders, recommends options that suit your goals and circumstances, prepares and lodges the application, and manages it through approval and settlement. At RiseMore we compare 50+ banks and lenders, so you can see more choice than a single bank can offer, and we keep checking your loan after settlement.

For most residential home loans, yes. The lender you choose pays us a commission once your loan settles, and that doesn't increase your interest rate. For some commercial, asset or specialist facilities a fee may apply. If it does, we'll tell you in writing before you commit to anything.

Lenders pay brokers an upfront commission when a loan settles and usually a small ongoing trail commission while the loan remains open. These payments come from the lender, not from your loan, and don't change the interest rate you're offered. We disclose the commission on your loan in writing before you proceed.

Since 2021, mortgage brokers in Australia have been legally required to act in the best interests of their clients when providing credit assistance, and to prioritise your interests if there's a conflict. It means our recommendations must be based on your needs and objectives, and we must be able to show why.

We only lodge applications with lenders after you've agreed to a recommendation, and we'll never shotgun your application across multiple lenders. Careful lender selection upfront means fewer credit enquiries, which is better for your credit file than trying several banks yourself.

Under the Australian Government 5% Deposit Scheme, eligible first home buyers can purchase with as little as 5% deposit, and eligible single parents or legal guardians with as little as 2%, without paying lenders mortgage insurance. Property price caps apply and vary by location. Outside the scheme, most lenders accept 5% or more with LMI, or 20% to avoid it. You'll also need money for stamp duty and purchase costs.

It depends on your income, living expenses, existing debts, credit card limits, dependants and each lender's policy, including the 3% serviceability buffer lenders apply. Our borrowing power calculator gives a quick estimate. A broker can then compare how different lenders assess you, which often changes the figure noticeably.

Pre-approval can take from a couple of days to around two weeks, depending on the lender and how complete your documents are. Formal approval after you've signed a contract often takes a few days to two weeks. We prepare your file thoroughly upfront, which is the biggest factor in avoiding delays.

Often, yes. Some lenders specialise in self-employed borrowers, low-doc income verification or past credit issues. We'll look at your full situation honestly, explain what's realistic now, and if needed map out the steps that will put you in a stronger position to apply.

It depends on where you buy, because each state and territory has its own rules. In Victoria, for example, eligible first home buyers pay no stamp duty on homes valued up to $600,000 and receive a concession on homes valued up to $750,000, with conditions such as living in the property as your home for a set period. Other states and territories have their own exemptions and concessions. The rules can change, so we confirm the current criteria with you and your conveyancer before you commit.

Pre-approval, sometimes called conditional approval, is a lender's indication that it is prepared to lend you up to a certain amount, subject to conditions such as a satisfactory valuation. How long it stays valid depends on the lender, and it is commonly a few months. It is not a guarantee of final approval, but it gives you a clear budget and helps you move quickly when you find the right home.

A limited recourse borrowing arrangement, or LRBA, is the structure a self-managed super fund must use to borrow to buy property. The property is held in a separate bare trust while the loan is repaid, and the fund holds the beneficial interest. If the fund defaults, the lender can only claim that property, not the fund's other assets. Once the loan is repaid, legal title can be transferred to the fund.

Yes, but strict rules apply. The purchase must meet the sole purpose test of providing retirement benefits, and the property cannot be lived in or rented by fund members or their related parties, even at market rent. In most cases it also cannot be bought from a related party. Your financial adviser or SMSF specialist can confirm whether a residential property suits your fund before we look at finance.

Business real property, such as an office, shop, factory or warehouse used wholly and exclusively in a business, can be leased to a related party's business. The lease must be formal, in writing and at market rent, and its terms must be followed. Many business owners use this approach, but it needs careful set-up, so your accountant and SMSF specialist should confirm the structure before we arrange the finance.

Lenders usually cap commercial loans at a lower loan-to-value ratio than home loans, so you generally need a larger deposit. The exact amount depends on the property type, location, lease quality, your financial strength and whether you apply full-doc or low-doc. Some buyers use equity in a home or other property as additional security. We assess your scenario and give you a realistic deposit figure before you make an offer.

WALE stands for weighted average lease expiry. It measures how long, on average, a property's leases have left to run, weighted by rent or floor area. A longer WALE tells lenders the rental income is more secure, which can help with approval and pricing. A short WALE or vacant space can make a property harder to finance. We review the leases with you and explain how lenders are likely to view them.

A good habit is to review your home loan every year or two, and whenever something significant changes, such as a fixed rate ending, a pay rise, a new baby or a jump in your property's value. Lenders regularly change their pricing, and a loan that suited you when you bought may no longer be competitive. A review costs you nothing and does not commit you to switching.

Common costs include a discharge fee from your current lender, government fees to register the new mortgage and remove the old one, and possibly an application or valuation fee from the new lender, although some waive these. If you are on a fixed rate, a break cost may apply. If the new loan is above 80% of the property's value, lenders mortgage insurance may also be payable. We total these before you decide.

When the fixed term ends, most loans automatically roll onto the lender's standard variable rate for that product, which may be higher than rates offered to new customers. You can usually choose to refix, move to a different variable product with the same lender or refinance elsewhere without break costs. We recommend starting the review a few months before expiry so a new loan can be ready in time.

Interest-only repayments can improve cash flow for a set period, which some investors use while they pay down non-deductible home loan debt. However, the balance does not reduce, investment interest-only rates are often higher, and repayments rise when the period ends. Principal and interest builds equity from day one. The better choice depends on your cash flow, plans and tax position, so we suggest discussing it with your accountant too.

Yes. Many investors use equity in their home to cover the deposit and costs of an investment property, often through a separate loan split so the investment borrowing is clearly identifiable. The lender will check your total borrowing capacity, including the new rent. Keeping the structure clean can help with record keeping and future flexibility. We work out how much equity is available and the neatest way to access it.

A secured business loan uses an asset, often residential or commercial property, as security. It usually offers larger limits, longer terms and lower rates. An unsecured business loan does not require specific property security, so it can be quicker, but it tends to be smaller, shorter and more expensive, and directors are often asked to sign a personal guarantee. We explain which suits your purpose and risk tolerance.

Yes. Lenders assess self-employed borrowers on the business's financial performance, usually through tax returns, financial statements, BAS and bank statements. How long you have been trading and your credit history also matter. If your latest financials are not yet complete, some lenders offer low-doc options based on BAS or bank statements, often at a higher cost. We match you with lenders suited to your records.

A chattel mortgage is a business loan used to buy a vehicle or equipment, where you own the asset from the start and the lender takes a mortgage over it as security. Once the loan is repaid, the mortgage is removed. Businesses registered for GST may be able to claim the GST on the purchase price, and interest and depreciation may be deductible. Your accountant should confirm how this applies to you.

With a finance lease, the lender owns the asset and leases it to your business for an agreed term, usually with a residual you can pay to take ownership at the end. With hire purchase, the lender also owns the asset while you make payments, but ownership passes to you automatically with the final instalment. The tax and GST treatment differs between them, so check with your accountant.

Yes, in most cases. Pre-approval tells you how much you can borrow and roughly what your repayments will be, so you can focus on negotiating the price of the car. It also gives you something to compare against if the dealer offers finance. Pre-approval is usually valid for a limited time, so it is best arranged when you are ready to start shopping seriously.